(Boursier.com) — Against the general trend, Unibail-Rodamco-Westfield rose 2.8% to 44.4 euros this weekend. The property company benefits from the increase in its annual guidance as well as a boost from Oddo BHF which raised its recommendation on value to ‘outperform’ by targeting 55 euros. The figures published by the company for the first nine months of the year reflect the continuation of a post-health crisis recovery that is still very well oriented, which includes organic growth of 11.5% yoy in its gross rental income, online. with the trend observed in the first half, and a good capacity to charge inflation to its tenants, affirms the analyst. For 2023, URW is now counting on an adjusted recurring EPS (AREPS) equal to “at least 9.50 euros” given a very good operational performance over 9 months.
The broker therefore believes that the stock presents an interesting entry point while the operational dynamics are particularly strong. The stock is trading at only 4.4x the CF 23rd vs. 9.3x for Klépierre and 0.39x the EPRA NTA 23rd vs. 0.75x for Klépierre. Furthermore, the reinstatement of a dividend in 2023 could, as part of an optimistic but not yet central scenario, constitute a catalyst for the stock at the start of 2024 depending in particular on the valuation of assets at the end of 2023 and the disposals which could be achieved by then.
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